Thursday, 18 December 2014
Last updated 10 min ago
Jan 19 2010 | 9:19am ET
Istanbul-based asset management firm Kronos Investment Advisory is aiming to capture the upswing in the Turkey’s equity market with a new market neutral hedge fund.
The new vehicle, which is slated to launch this quarter, combines various valuation, quality, liquidity and behavioral models to invest in a long portfolio of 100-150 stocks that are listed on the Istanbul Stock Exchange.
“Due to the current difficulty of shorting stocks, the product right now is long only employing beta-hedged shorting index futures to arrive at a target zero-beta portfolio with annual risk of approximately 10%,” Cenan Civi, founder, told FINalternatives.
Civi is bullish on the transitioning of the Turkish market from an emerging market to a developing one.
“Turkey’s inflation has come down from as high as 80% since the beginning of 2001 to single digits. Out of the 1,000 largest corporations in turkey, 850 of them are now listed on the stock market so we expect many IPOs. All of these factors go hand in hand and the Turkish market will grow in many multiples over the next decade,” he said.
Civi previously worked as an investment analyst in Chicago at the Kinship Trust Company, a large single family office that manages a portfolio of private equity funds, hedge funds and emerging markets equities.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.